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Nifty outlook and top trading ideas by Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher

Vaishali Parekh  |  Mumbai 

algo trading

and few by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher

NIFTY VIEW

Nifty continues to retrace breaking the near term support of 10630 and closing below it. The bias now is corrective unless we sustain above the 10630 levels for next round of up move. The support for the day is seen at 34930/10540 while resistance is seen at 35450/10660. Bank Nifty continues to be an outperformer which would have a range of 26000-26520. ICICI, Axis, HDFC and Kotak Bank continue to look positive for now while Tech stocks could get into some more corrective move.

BUY GRASIM INDS

CMP: Rs 863.75

TARGET: Rs 945

STOP LOSS: Rs 815

The stock has formed a higher bottom formation pattern in the daily chart taking support at 795 levels and has indicated a decent recovery to signify strength and has the potential to rise further in the coming days. The RSI has indicated a trend reversal to signal a buy and with improving volume activity witnessed, we recommend a buy in this stock for an upside target of 945 keeping a stop loss of 815.

BUY INDS

CMP: Rs 926.55

TARGET: Rs 1,010

STOP LOSS: Rs 880

The stock has rallied with strength from the base of 765 and has moved past the 200DMA moving average to signify a positive bias and has further potential for more upsides in the coming days. The RSI is on the rise and with favourable indicators all supporting our view of a bullish trend, we recommend a buy in this stock for an upside target of 1010 keeping a stop loss of 880.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Thu, November 22 2018. 06:14 IST
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